Best business status for online store??

[gweb]

I am a sole trader - and have a business bank account however should I be considering moving up to a LTD company?

Does the sole trader status suffice for online business?

 

[ADW]

I don't think that would be of huge concern in most cases being Ltd. Providing clear to see contact details and identity on the site is the main thing. If you have customer testimonials as well this would help create confidence in your intended customer.

 

[That Guy]

I don't think that would be of huge concern in most cases being Ltd. Providing clear to see contact details and identity on the site is the main thing. If you have customer testimonials as well this would help create confidence in your intended customer.

Agree with this

If you are looking at selling to mainly businesses it may also be worth becoming VAT Registered but thats about it.

 

[mu999]

I agree with ADW.

 

[Samhodge]

As a sole trade you are not required to file accounts to companies house, giving your business more privacy and saving you costs of an accountant.

However you’re personally liable for all debts of the business, even in excess of the amount invested and you and the business are considered the same entity.

If you're trading and have been trading for some time as a sole trader without any problems, I wouldn't worry.

But personally I would always trade as a limited company for the limited liability and to remain as an individual, a separate entity from the business.

I hope this helps.